“I welcome tonight’s agreement by the UN Sanctions Committee to remove sanctions from the Central Bank of Libya and the Libya Arab Foreign Bank. This marks another significant moment in Libya’s transition.

“It means that Libya’s government will now have full access to the significant funds needed to help rebuild the country, to underpin stability and to ensure that Libyans can make the transactions that are essential to everyday life.

“The UK has led the way in securing the release of these assets. We are now working to ensure that the EU will respond swiftly to this UN decision and will pass the regulation required to release about £6.5 billion frozen in the UK.

“The Transitional Government must now redouble its efforts to build a transparent and accountable financial system which will underpin a newly prosperous Libya. We will continue to work with the Libyan government and other nations to agree the steps required to remove remaining sanctions, so that Libya’s assets can be used for the benefit of its people.”